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FG Approves A Combined N4.34tn Financing For Transport, Agriculture, Power, Others

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Taiwo Oyedele

FG Approves A Combined N4.34tn Financing For Transport, Agriculture, Power, Others

The Federal Government on Monday approved a combined N4.34tn in financing across five sectors including transportation, agriculture, power, infrastructure and small business credit.
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The approvals followed the Federal Executive Council meeting presided over by President Bola Tinubu at the Council Chamber of the State House, Abuja.

It was the first meeting in approximately three months since the council last sat on March 4, 2026, when Tinubu swore in Inspector-General of Police, Tunji Disu.

They span 14 separate memos presented by the Ministry of Finance.

The approvals include N215bn in naira-denominated investments in transport, $900m (approximately N1.24tn) for agricultural and rural development, $160m (approximately N220.6bn) for Niger State solar energy from the Islamic Development Bank, $1.2bn (approximately N1.65tn) for the Sokoto-Badagry Super Highway, and a combined $500m (approximately N689.5bn) and €200m (approximately N315.6bn) for MSME financing through the Development Bank of Nigeria.

Briefing State House correspondents after the meeting, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said “We had 14 memos for the Ministry of Finance. You would imagine I’m not going to take you through all of them one by one, but council made very strategic decisions, which I have decided to categorise under five headings.”

On transportation, Oyedele said council ratified a series of previously anticipated presidential approvals covering the CNG bus initiative, electric vehicles, CNG-powered tricycles and vehicle conversion kits, unlocking the remaining investment tranche needed to complete those programmes.

“As many of you will recall, Mr President had introduced initiatives on CNG buses, electric vehicles, CNG fuel tricycles and conversion kits. Some of these investments had already been made based on anticipatory approval by Mr President, given the urgency of those interventions and council today approved.

“What that means is the remaining investment that needs to be made can now go ahead. The total amount is about N215bn,” he said.

Four memos on agricultural development were approved at a combined $900m, covering financing for agricultural and rural technical-vocational training, special agro-industrial processing zones and green valuation for growth projects, he stated.

The Council approved a $160m credit facility from the Islamic Development Bank for Niger State solar energy development projects.

The Islamic Development Bank will provide $150m and the Niger State government will contribute $10m as counterpart funding.

“I attended the AGM of the Islamic Development Bank about one or two weeks ago, and these were some of the conversations we had on how to finance development using concessional facilities,” Oyedele said.

Council also approved financing of approximately $1.2bn for section two of the Sokoto-Badagry Super Highway, covering the Kebbi State portion of the corridor.

According to Oyedele, the final category covered two memos providing affordable financing for small businesses, one of €200m and another of $500m, to be channelled through the Development Bank of Nigeria.

He explained, “We all know that the bulk of employment as well as economic activities in Nigeria is done by small businesses, so we always have to think about how to support that sector, because supporting them is supporting ourselves and our country.

Responding to questions about fuel pump prices, which remain elevated despite a decline in global crude oil prices following the easing of Middle East tensions, Oyedele said a structured process was already under way to address what he described as an asymmetric pricing problem where operators adjust prices upward quickly when costs rise but resisting downward adjustments when they fall.

“The way the market tends to work is that when prices are going up, operators make adjustments very quickly under the excuse of replacement cost. But when prices come down, the prices don’t go down as fast, the excuse is always unsold inventory, old stock.

“This is something we need to always balance. We do not want our operators and businesses to go out of business, but we also do not want them to exploit the Nigerian people.

“Trying to strike that balance requires some work on the part of the regulators and ensuring that we are very honest and transparent with ourselves,” he said.

He noted that the Federal Competition and Consumer Protection Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which has statutory powers under the Petroleum Industry Act to ensure market-reflective prices that do not take advantage of consumers, were already addressing the matter.

Taiwo Oyedele

Taiwo Oyedele

“There is already an ongoing process to address this issue,” he said.

Oyedele also pushed back on suggestions that the government’s transport cost-mitigation measures had failed, pointing out that fuel products in Nigeria currently attracted no taxes after presidential suspensions of VAT, excise and surcharge.

He argued, “Many people have said that when the crisis in Iran started, many countries reduced taxes on fuel products, what is Nigeria doing? Well, actually in Nigeria there are no taxes on fuel products.

“Mr President suspended VAT, excise as well as the surcharge on fuel products. This is the main reason why you find that pump prices in our neighbouring countries are between 20 and 50 per cent lower than in Nigeria. It would have been worse.

“So let’s say it’s a bad situation that we are paying more for transportation, but it would have been worse without those interventions by the government.”

Oyedele also appealed to operators who have converted to CNG which is a cheaper fuel than petrol but are reportedly charging passengers the same fares as petrol-powered vehicles.

“With this huge investment in CNG conversion kits, some of which are subsidised by government, you find the person using CNG is charging the same amount as the person using petrol.

“Now that’s not government anymore, it’s just us taking advantage of the situation.

“If we all play our part and are very honest and think about the interest of our country, I think we will make progress faster,” he said.
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𝗙𝗖𝗧 𝗣𝗼𝗹𝗶𝗰𝗲 𝗖𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻𝗲𝗿 𝗪𝗮𝗿𝗻𝘀 𝗢𝗳𝗳𝗶𝗰𝗲𝗿𝘀 𝗔𝗴𝗮𝗶𝗻𝘀𝘁 𝗘𝘅𝘁𝗼𝗿𝘁𝗶𝗻𝗴 𝗞𝗲𝗸𝗲 𝗥𝗶𝗱𝗲𝗿𝘀 𝗔𝗻𝗱 𝗠𝗼𝘁𝗼𝗿𝗶𝘀𝘁𝘀, Says “𝗬𝗼𝘂 𝗖𝗮𝗻𝗻𝗼𝘁 𝗕𝗲 𝗔 𝗣𝗼𝗹𝗶𝗰𝗲 𝗢𝗳𝗳𝗶𝗰𝗲𝗿 𝗔𝗻𝗱 𝗔 𝗧𝗵𝗶𝗲𝗳”

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𝗙𝗖𝗧 𝗣𝗼𝗹𝗶𝗰𝗲 𝗖𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻𝗲𝗿 𝗪𝗮𝗿𝗻𝘀 𝗢𝗳𝗳𝗶𝗰𝗲𝗿𝘀 𝗔𝗴𝗮𝗶𝗻𝘀𝘁 𝗘𝘅𝘁𝗼𝗿𝘁𝗶𝗻𝗴 𝗞𝗲𝗸𝗲 𝗥𝗶𝗱𝗲𝗿𝘀 𝗔𝗻𝗱 𝗠𝗼𝘁𝗼𝗿𝗶𝘀𝘁𝘀, Says “𝗬𝗼𝘂 𝗖𝗮𝗻𝗻𝗼𝘁 𝗕𝗲 𝗔 𝗣𝗼𝗹𝗶𝗰𝗲 𝗢𝗳𝗳𝗶𝗰𝗲𝗿 𝗔𝗻𝗱 𝗔 𝗧𝗵𝗶𝗲𝗳”

The Commissioner of Police for the Federal Capital Territory (FCT), CP Ahmed Muhammed Sanusi, has issued a strong warning to police officers against extorting commercial tricycle operators, motorists and other residents of Abuja.

Speaking during an address to officers, Sanusi said any policeman found collecting illegal money from members of the public would be regarded as a criminal rather than a law enforcement officer.

According to him, “You cannot be both a police officer and a thief. We don’t want to receive any reports of officers extorting keke riders or motorists in Abuja. The day we receive such complaints against you, you are a thief.”

The police commissioner stressed that the duty of officers is to protect lives and property, enforce the law professionally and treat members of the public with respect. He warned that the FCT Police Command would not tolerate harassment, intimidation or any form of unprofessional conduct by its personnel.

Police

Police

Sanusi further assured residents that the command remains committed to building public trust through discipline, accountability and intelligence-driven policing. He urged officers to uphold the image of the Nigeria Police Force and avoid any act capable of bringing the institution into disrepute.
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EFCC Boss Olukoyede Charges Officers On Integrity, Institutional Rebranding

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Ola Olukoyede

EFCC Boss Olukoyede Charges Officers On Integrity, Institutional Rebranding

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has charged officers of the Commission to uphold integrity, competence and transparency and be worthy ambassadors as the anti-graft agency embarks on rebranding.
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He gave the charge on Saturday, June 27, 2026 at the closing ceremony of the Strategic Leadership Course One, organised for senior officers of the Commission at its headquarters in Jabi, Abuja.

In his lecture titled: “Institutional Branding and Behavioural Impact,” the EFCC boss observed that public confidence in the agency depended largely on the conduct and professionalism of its personnel, noting that every officer represents the image and values of the Commission both within and outside the workplace.

He tasked the senior officers on operational effectiveness and accountability as well as fairness, which he said are imperative to place the Commission respectably in the public domain.

The EFCC’s boss urged the participants to act ethically and in honesty in their enforcement activities even under pressure. “Pursue financial crimes fearlessly, impartially, and without compromise, regardless of the stature of the offender,” he said.

He noted that institutional rebranding goes beyond adoption of a new logo or public relations messages, but hinges more on positive behaviourial and attitudinal change of every member of staff, noting that the Commission’s effectiveness in the fight against corruption, economic and financial crimes depends on the level of trust it enjoys from the public, transparency, accountability and professionalism of officers.

While urging the officers to understand that leadership extended beyond operational competence, he tasked them on equipping themselves with human capital management and crises resolution and in the ability to inspire confidence in subordinates.

He explained that the Strategic Leadership Course was introduced to prepare officers for the broader responsibilities that accompany leadership positions as the activities of the Commission continue to grow in scope.

“A leader must be able to create an atmosphere that makes people believe in what you do and believe in you. You must be able to encourage people, make sacrifices and even take bullets for your team and for the institution,” he said.

The continuous expansion of the Commission, he noted, required more officers to assume leadership responsibilities, thus making capacity development imperative and urged the officers to cultivate a culture of learning, noting that self-development is critical to their career advancement and institutional excellence.

He further challenged the officers to embrace innovation and adapt to latest technologies, warning that clinging to outdated methods in the new era of artificial intelligence and cutting- edge technology could stall both individual and institutional progress.

Ola Olukoyede

Ola Olukoyede

The EFCC as a law enforcement agency, he said, must constantly update its technological know-how and benchmark its operations with global best practices to remain effective, adding that the Commission’s officers must regularly study developments in anti-corruption fight and law enforcement by paying diligent attention to the operations, methods and tactics of leading international agencies such as the Federal Bureau of Investigations, FBI, of the United States and UK’s National Crime Agency, NCA.
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Governor Eno Receives First 20 CNG State-Owned Buses, Reaffirms Commitment To Modern Transportation System

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Transportation

Governor Eno Receives First 20 CNG State-Owned Buses, Reaffirms Commitment To Modern Transportation System

Akwa Ibom State Governor, Pastor Umo Eno, has received the first batch of 20 state-owned buses out of the 50 ordered by his administration, describing the development as another major step towards transforming the state’s transportation sector.
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Speaking during the reception of the buses, at Government House Uyo, Governor Eno expressed gratitude to God for a safe delivery of the vehicles and commended everyone who contributed to the successful procurement process.

He specifically appreciated the Ministry of Transport, the Commissioner for Transport, Dr. Anthony Luke, AKICORP, Mr. Imo-Abasi Jacob, the Managing Director of Peacock Paint, Mr. Ime Uwa, and other stakeholders for their dedication and support.

The Governor disclosed that the remaining 30 buses would arrive in batches, while the government intensifies work on the completion of modern bus terminals across the state.

“We have just received the first 20 buses. We ordered 50, and they will come in batches. The next step is to get the terminals ready. We have already paid for the tracking devices, and we will install trackers, introduce an electronic ticketing system, and put every necessary facility in place. This speaks to a better transport system for Akwa Ibom State,” he said.

Governor Eno reiterated that his administration remains committed to making transportation easier, safer, and more affordable for residents.

“What we promised our people is that we would make transportation easy and simple. Akwa Ibom has one of the best road networks in Nigeria after Abuja. These buses will operate across all the 31 Local Government Areas, which is why we are constructing transport terminals to ensure seamless movement of people across the state.”

He explained that beginning with 50 buses is a strategic move, adding that more buses would be procured as demand increases.

The Governor expressed optimism about the state’s future, noting that the dividends of his administration’s investments are beginning to manifest.

“I see a brighter future for Akwa Ibom. All these projects are coming together. Within three years, by the grace of God, you will witness seed time and harvest time. I believe this administration has sown the seeds, and Akwa Ibom is gradually entering the harvest season.”

Governor Eno also congratulated the people of Akwa Ibom for their continued faith and support for his administration, urging them to remain hopeful and united as the government delivers more developmental projects.

Transportation

Transportation

Earlier, the Commissioner for Transport, Dr. Anthony Luke, thanked Governor Eno for his unwavering commitment to repositioning the transport sector.

He described the arrival of the buses as clear evidence that the administration is deliberate and intentional about modernising transportation infrastructure and services in the state.

According to the Commissioner, the initiative has been warmly welcomed by the people of Akwa Ibom and will significantly improve mobility, enhance economic activities, and provide residents with a safer and more efficient public transportation system.
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